Module 8 focuses on the critical periodic tasks required to maintain the accuracy and integrity of your financial data. While not part of your daily data entry, these functions are essential to perform on a monthly or annual basis to ensure your books are balanced, reconciled, and secure.
Here is a quick summary of what you will learn in this module:
Periodic Processing & Recurring Transactions: You will learn how to save time by automating repetitive data entry. You can set up recurring transactions (like monthly rent, standard journal entries, or depreciation) to post automatically on a specific schedule or save them to be posted manually on demand.
Performing Bank Reconciliations: You will walk through the vital process of reconciling your FastFund cash accounts with your real-world bank statements. This covers how to clear outstanding checks and deposits, record bank fees or interest directly from the reconciliation screen, and finalize the reconciliation to generate permanent reports.
Closing the Books (Soft vs. Permanent): To protect your historical data from accidental changes, you will learn how to lock your accounting periods. You will explore the difference between a “Soft Close” (which locks out general users but allows Administrators to post audit adjustments) and a “Permanent Close” (which completely locks the period from any edits or deletions).
Year-End Close Procedures: You will learn how FastFund automates your fiscal year-end. When you permanently close the final month of your fiscal year, the system automatically calculates the excess or deficiency of revenue over expenses, posts it to your Net Asset closing account, and zeroes out your revenue and expense accounts to start the new year fresh.
By the end of this module, you will know how to finalize your monthly periods, balance your bank accounts, and confidently execute your year-end closing procedures.